The plaintiff has alleged excessive fees for recordkeeping, administrative services and investment management against a large university plan in a new fiduciary breach lawsuit.
Tag: excessive fee lawsuit
The lawsuit represents yet another case of a sub-$1 billion retirement plan finding itself the subject of excessive recordkeeping fee litigation.
The allegations in the new lawsuit are familiar, suggesting the plan fiduciaries permitted the payment of excessive recordkeeping and investment fees over a lengthy proposed class period.
Arguments in the new case closely resemble previous lawsuits filed against other firms citing the ERISA fiduciary duties of prudence and of monitoring fiduciaries.